Epstein Secrets

rence to or summary of ML =esearch in this material is qualified in its entirety by the views of =ofA Merrill Lynch Global Research. Please refer to BofA Merrill Lynch =lobal Research for more details (baml.com/markets <http://www.bamIcom/markets> ). The estimated =alues provided in the material are "as of" the da

epared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =errill Lynch Global Research. Any summary of ML Research notes and =eports, and/or any reference

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public information. Facts and views presented in this material that rela professionals in other busi This re securities. None of MLPF&S, any of i Global Research policy prohibits rese report containing such rating, recommendation or investment thesis. Any in seek tax advice based on tl The information herein

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eekly earnings minus CPI inflationSource: BofA Merrill Lynch REC placements is an average of permanent and temporary placements. REC and PMI shown as Global Research, ONS. standard deviations from average. Source: BofA Merrill Lynch Global Research, Markit Given all of the above, we reiterate our preference for av

% EV / EBITDA* 17.2x NM 9 9x 6.4x 5 Ax Free Cash Flow Yield* -13.2% 81% 3.8% -0.3% 3.17% * For full definitions of ‘Qnethod™ measures, see page 11. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict

, any of its affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). Bo Global Research policy prohibits research personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the v

>6x return) will ensure that agents buy Zillow placements regardless of mortgage broker incentives. Additionally, we see earnings upside potential. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict

= -1.2% = 5.0% = -3.1% ~=— 6.0% ~=—-0.9% 8.9% -14% 29% 4.2% 3.0% 0.4% —-1.0% 3.3% -2.4% 3.6% Source: Smith Travel Research (STR), BofA Merrill Lynch Global Research estimates; Note: **March data is month to date Estimates vs. Consensus: In-line 1Q revenue and EPS We expect 1Q revenue/EPS of $2.13bn/S0.07 vs. the

outside of the United Kingdom. BofA errill Lyne h Global Researc| MLPF&S or one of its affiliates is a regular iss

LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered